Peetakone is a part of Boun Luang festival or Boun Pavet that falls on July each year. The date of this festival is not exactly fix, but it will be around Boun Visakaboucha (Buddhist lent) of the Langxang kindom of Luang prabang (in the old time, Dan xai, Xieng Khan and Lom Kao were used to be under the administration of Luang Prabang kingdom).
From another source, the festival is occurred when the King Pavetsandon and Queen Matri made their way to the palace and passed through a big forest. In that time, many monsters exists in the forest really respect the king and wanted to join the parade, so they transformed themself to normal villagers and walked along with the king. That's why the meaning of Pee Ta Khon is actually mean "Pee Tam Khon).